Introduces industry-first mobile banking app for individuals who have limited reading and writing skills
PUNE: Ujjivan Small Finance Bank launched Hello Ujjivan, India’s first mobile banking application with 3 V’s – voice, visual, and vernacular-enabled features – to provide banking access to individuals who have limited reading and writing skills. The app is designed to instill banking habits in our micro-banking and Rural customers who are digitally challenged.
Hello Ujjivan, co-created with Navana.AI, is accessible by voice in eight regional languages, including Hindi, Marathi, Bengali, Tamil, Gujarati, Kannada, Oriya, and Assamese. Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan EMIs, opening FD and RD accounts, transferring funds, checking account balances, and updating passbooks, among others. The app’s intuitive AI and machine learning capabilities enable it to comprehend customers’ unstructured banking requests and provide the desired result. The application engine adapts to the various dialects of the user and has the capacity to learn and respond to their particular dialect. The app also provides a visual representation, along with a recorded voice guide in the user’s preferred language at every step, allowing them to transact without fear or reliance on others, thereby removing the anxiety associated with online banking transactions.
As per our research, the app addresses the digital divide on the banking needs, aspirations, and behaviors of MicroBanking and Rural customers. Ujjivan SFB is utilizing its 600 branches and close to 9000 Microbanking and Rural Banking staff to educate the customers on using the Hello Ujjivan app. In its initial phase, Hello Ujjivan will be available to its existing MicroBanking customers. In the subsequent phase, the company will continue to add more languages and banking features and solutions, such as opening new customer accounts, paying utility bills, availing repeat loans, and mobile and DTH recharge.
Speaking on the launch, Mr. B A Prabhakar, Chairman of Ujjivan Small Finance Bank, said, “The launch of the mobile app represents a significant advancement in our efforts to provide our MicroBanking and Rural customers with the advanced technology and the high level of convenience and security. We are confident that we will be able to empower our customers, towards meeting their banking needs. This application also demonstrates our dedication to promoting financial literacy and independence across all social strata.”
Speaking on the launch, Mr. Ittira Davis, MD & CEO, of Ujjivan Small Finance Bank, said, “The introduction of Hello Ujjivan reinforces our commitment to promote financial and digital inclusion throughout the nation. As a mass market bank, we are confident that this innovation
will further simplify the banking experience for individuals who are digitally inclined, but challenged.
We will continue to focus on deploying innovative technology solutions to empower the un-served and under-served customers to achieve financial independence.“
Ujjivan SFB has developed a comprehensive digital strategy to simplify banking services throughout India. Our digital strategy of the bank is built to bridge the digital divide between metro vs semi-urban and rural customers, who are often left out. The bank currently serves over 72 million customers through its 600 branches across 25 states and union territories in India. As of December 31, 2022, the gross loan book is valued at INR 21,895 cr. and the deposit base is valued at INR 23,203 cr.
